tv World Business Report BBC News May 24, 2017 5:30am-5:46am BST
hello. you're watching bbc news. the headlines this hour: the uk terror threat level has been raised to critical following the manchester concert attack that left 22 people dead and many injured. britain's prime minister theresa may has warned that a further terror attack could be imminent. she also announced that soldiers will be deployed to protect key sites. the suicide bomber has been named as salman abedi, a 22—year—old born in manchester. he was of libyan origin and was a student at the nearby university of salford. the islamic state group has published a statement on social media saying one of its supporters carried out the attack. thousands of people have gathered for a vigil in manchester's city centre in memory of those who died. a minute's silence was held as crowds spilled out on to nearby roads. greater manchester chief constable ian hopkins thanked "the rest of the world for holding us in their thoughts". now it's time for world business report. as the uk prime minister ups
the security personnel across the country, we assess the cost of keeping britain safe. and balancing the books within a decade — that's the promise from the trump administration as it reveals its spending plans for 2018. hello and a very warm welcome to world business report. i'm sally bundock. also in the programme the credit rating agency moody's downgrades china — we'll have the details in a moment. we will be talking to rico hizon. as we've been hearing, britain is now on a critical terror alert — with the military set to bolster the police amid fears the manchester bomber, salman abedi, did not act alone.
earlier, prime minister theresa may raised the threat level to the highest possible, meaning that another attack could not be ruled out. so how well funded is britain's security operation? well, the uk has seen an increase in anti—terror spending in recent years. here's how things looked in the last financial year — the uk's annual terrorism policing budget was i 594 million, that's around $770 million. in the past year that's gone up to its current level of £670 million — roughly $869 million. the main priority for the boosted security budget is to increase the capacity for counter—terrorism investigation, including monitoring online activity, and gathering digital evidence. this led to last years announcement of a 15% increase in officers at the uk spy agencies, including, of course, m15, m16, and gchq, and the security
services will now be working round the clock to establish whether the manchester bombing is part of a wider pattern of attacks. chris phillips is the former head of the national counter terrorism security office explains what the intelligence services will be looking at. this attack was planned. premeditated. and they're almost certainly will be other people involved in this attack. the most important thing is to catch them, to identify them, and to bring them into custody. and until we have done that, then this attack is not really over. such planning has gone into this that it would be surprising that there may be other similar devices out there, ready to be used. police will be working hard to stop that from happening. with me is the defence consultant, anthony leather forfurther analysis. thank you for being on the programme. clearly extremely sensitive and difficult times for those affected, those in manchester, who are having to grapple with this
horrible than 2a hours ago. some are now describing the security operation as unprecedented. i would like to get your view on that, and also talk us through some of the logistics. yes, well with the recent announcement of the increase in the threat level, that seems to be the next logical step, really. theresa may has come out and said there is no credible threat that there is an imminent attack, but it releases resources , imminent attack, but it releases resources, so we imminent attack, but it releases resources, so we talked about resources, so we talked about resources that can help police, it can help protect public areas, and allows a bit more public reassurance. if they can't fully rule out how this attack has happened, and who has been behind it, in totality, then it really makes us to raise it. it is worth noting that ten years ago when it was last raised to critical, it was reduced a couple of days later after investigation. the next few days will really matter. we are watching
footage of some of the event in greater manchester yesterday as the city can't have grappled with what was going on there. i talked about the numbers in terms of how much spending has increased. how effectively it used, the increasing spend? effectively it used, the increasing spend 7 obviously effectively it used, the increasing spend? obviously it is difficult. —— increase in. police and security will always want more. but it is important to remember that so far, this band has been very effective. people have come out in some of —— this spend has been very effective. —— people have come out and said so. we have seen investment in intelligence and response. a response to an attack like this, which leaders often say is not if, but when, and unfortunate that has happened, but obviously, responders have responded well. the money that has gone into that plan has been well spent. with pressure on
resources , well spent. with pressure on resources, where is it best spend? is it about intelligence services and bolstering the likes of mi5 and mi6, do we need more obvious on the beat? that is a difficult question, again, because the threat we face is incredibly compact, from the lone gunmen and unsophisticated attacks like those with knives, through to ones that are more sophisticated la ke ones that are more sophisticated lake manchester. there has to be a way bell way up —— way up of how that money is spent. —— weigh. but more money needs to go to police on the street so that they can respond to events. as we know, there will be a review following this event as to how the resources are spent. with a general election coming up, expect to see a review of the counterterrorism policy in the uk. thank you for your time this morning
anthony. as you are aware, there is lots of information and a live page updating all the time on what is going on in manchester today and beyond. let's look at some other business stories, now. the trump administration has unveiled its $4.1 trillion budget plan for 2018. it proposes deep cuts to dozens of programmes providing assistance to the poor such as medical help and disability benefits. the plan would sharply slash food stamps, healthca re for low—income patients, disability benefits and eliminate student loan subsidies. however, the budget does feature an ivanka trump plan for paid parental leave. from new york, michelle fleury has this report. donald trump's first budget is an attempt at welfare reform, including big cuts for the poor. millions of americans would lose access to medicaid, the healthcare programme for the impoverished. but the
military would get a spending boost, including funds to build a wall along the border with mexico. the goal, according to mick mulvaney, the director of the office of management and budget, is to cut back on public assistance, and put people back to work. we are no longer going to measure compassion by the number of programmes or the number of people on those programmes, but by the number of people we help get off those programmes. we will not measure compassion by the amount of money we spend or —— but by the number of people yell. that is how you've badgered the budget within ten yea rs. badgered the budget within ten years. this is the budget book. it may not be worth the paper it is printed on. that is because nobody thinks the president's plan will passin thinks the president's plan will pass in its current form. it is the job of congress to approve the budget, and while hardline republicans might be happy, moderates and democrats will be concerned about the social impacts.
that is because up to a fit of americans benefit from medicaid. —— can get republican. chuck schumer gave his response. it takes a sledgehammer to the middle—class and working—class americans. it tax brea ks working—class americans. it tax breaks on the welty, a wealthy, and imagines problems away with fantasy mass. “— imagines problems away with fantasy mass. —— brakes on the wealthy, and imagines. donald trump plans to balance the books within a decade. this depends on a steady growth of 396. this depends on a steady growth of 3%. but it has not grown by so much since 2005. —— breaks. severalyears before the gst. it has left some wondering if the mathematics is faulty. —— —— before the global
financial cricis. the credit ratings agency moody's has downgraded china's credit score. it warns that levels of debt across the economy are expected to rise as economic growth slows down in the coming years. what are they worried about, rico hizon? they are worried about a lot of things, sally. the chinese economy is facing some difficult challenges, and this is another wake—up call for beijing to institute more economic reforms. it is like we are seeing the ratings agency downgrading the local currency by one notch, and also changing its outlook to stable from negative. but this could really make things more expensive for the chinese economy, because it will meana chinese economy, because it will mean a rise in the cost of borrowing for the government, and for state owned enterprises. moody ‘s said this reflected expectations that outcomes would erode over the next two years, with debt levels rising as growth slows. the trainees
economy expanded by 6.7% in 2016, compared to 6.9% of the year before. —— the chinese. this is because beijing is trying to rebalance the economy towards the domestic consumption, which has led to challenges for large manufacturing companies. this downgrade comes as beijing has been making efforts to clea n beijing has been making efforts to clean up its lending practices, which have been viewed as a threat to financial stability. we'll have to financial stability. we'll have to wait and see if indeed the chinese government will expedite these changes before they are too late. sally? thank you for that, rico hizon. that brings world business report to the end. donald trump is in italy — where he is due to hold talks
with pope francis — on the latest leg of his first foreign trip as us president. the pope has previously attacked the plans to build a wall across the border with mexico. he was a look at some of the key issues surrounding their relationship. —— here is. coming up at 6am on breakfast, charlie stayt and louise minchin will have all the day's news, business and sport. they'll also have more on the prime minster‘s decision to raise britain's official terror threat level to "critical" — following the suicide bombing at manchester arena on monday night, that left 22 people dead and 59 injured. the police have asked the secretary of state for defence to deploy a number of armed military personnel in support of the armed officers. so stay with us at 6am for breakfast. asi stay with us at 6am for breakfast. as i say, to clean. —— trump. this
is bbc news. the latest headlines: the uk terror threat level has been raised to critical following the manchester concert attack that left 22 people dead and many injured. britain's prime minister theresa may has warned that a further terror attack could be imminent. she also announced that soldiers will be deployed to protect key sites. the suicide bomber has been named as salman abedi, a 22—year—old born in manchester. he was of libyan origin and was a student at the nearby university of salford. the islamic state group has published a statement on social media saying one of its supporters carried out the attack. thousands of people have gathered for a vigil in manchester city centre in memory of those who died. a minute's silence was held as crowds spilled out on to nearby roads. greater manchester chief constable ian hopkins thanked "the rest of the world for holding us in their thoughts". the manchester terrorist attack dominates the global news media.